Market Outlook

February 11, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are expected to open on a Negative note tracking the SGX Nifty and

BSE Sensex

(1.1)

(262)

23,759

Asian markets.

Nifty

(1.1)

(83)

7,216

US markets ended yesterday’s session on a negative note after giving away its early

Mid Cap

(0.9)

(96)

10,018

gains. The volatility continued as the price of crude oil showed wild swings during

Small Cap

(1.4)

(148)

10,278

the day. Oil prices initially increased on reports that indicated that there was an

Bankex

(2.0)

(344)

16,519

unexpected decline in crude oil inventories. However, oil prices pulled back, as the

report also showed increase in gasoline and distillate fuel inventories as well as

record high inventories at a key delivery points.

Global Indices

Chg (%)

(Pts)

(Close)

Dow Jones

(0.6)

(100)

15,915

The European markets ended Wednesday's session in the green as strong rebound

in bank stocks propelled the market higher. Investors kept a close eye on Q&A

Nasdaq

0.3

4,284

portion of Federal Reserve Chair Janet Yellen's testimony before the House Financial

FTSE

0.7

5,672

Services Committee.

Nikkei

(2.3)

(372)

15,713

Indian markets followed their Asian peers, with Bank stocks facing selling pressure.

Hang Seng

0.5

105

19,288

PSU banks suffered after several state-owned banks reported huge losses on

Shanghai Com

(0.6)

(18)

2,763

account of escalating bad loans.

News & Result Analysis

Advances / Declines

BSE

NSE

 Tata Motors group global wholesale sales grow a healthy 16% to 93,355 units

Advances

614

297

in January 2016; JLR sales grow 25%

Declines

2,043

1,277

 Result Review: Glaxo Pharmaceuticals, Cipla, Surya Roshni

Unchanged

110

Detailed analysis on Pg2

Investor’s Ready Reckoner

Volumes (` Cr)

Key Domestic & Global Indicators

BSE

2,925

Stock Watch: Latest investment recommendations on 150+ stocks

NSE

17,322

Refer P7 onwards

Net Inflows (` Cr)

Net

Mtd

Ytd

Top Picks

CMP

Target

Upside

FII

(636)

(1,299)

(10,848)

Company

Sector

Rating

(`)

(%)

MFs

226

(104)

77,861

Amara Raja Batteries Auto & Auto Ancillary

Buy

868

1,040

19.8

HCL Tech

Buy

827

1,038

25.5

Top Gainers

Price (`)

Chg (%)

Larsen & Toubro

Construction

Buy

1,123

1,310

16.7

Apollotyre

150

10.7

LIC Housing Finance Financials

Buy

430

592

37.8

Ceatltd

949

4.7

Navkar Corporation Others

Buy

185

265

43.3

More Top Picks on Pg6

Relinfra

440

3.9

Hathway

3.5

Key Upcoming Events

Nhpc

3.2

Consensus

Date

Region

Event Description

Reading

Expectations

Feb 11 US

Initial Jobless Claims

285

280

Top Losers

Price (`)

Chg (%)

Feb 12 India

Exports YoY% (% Change)

(14.70)

Centralbk

(12.4)

Feb 12 India

Imports YoY% (% Change)

(3.90)

Albk

(9.6)

Feb 12 India

Industrial Production YoY (% Change)

(3.20)

6.(

Suzlon

(9.6)

Pnb

(9.0)

Ucobank

(8.1)

As on February 10, 2016

www.angelbroking.com

Market Outlook

February 11, 2016

Tata Motors Group global wholesales grow a healthy 16% to

93,355 units in January 2016; JLR sales grow 25%

The Tata Motors Group global wholesales in January 2016, including Jaguar Land

Rover, were at

93,355 nos., higher by

16%, over January

2015. Global

wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in

January 2016 were 36,739 nos., higher by 20%, compared to January 2015

given the strong growth in MHCV segment and recovery in the LCV space.

Global wholesales of all passenger vehicles in January 2016 were at 56,616 nos.,

higher by 14% yoy. Tata Motors’ passenger vehicle sales in January 2016 were at

11,081 nos., lower by 17%, over January 2015 primarily due to lack of new

products. Jaguar Land Rover sales were at 45,535 vehicles growing strongly 25%

yoy led by success of new product launches (Jaguar XE, Land Rover

Freelander)and low base of the corresponding month last year. Jaguar wholesales

for the month were 8,576 vehicles, higher by 62% while Land Rover wholesales for

the month were 36,959 vehicles, higher by 18% yoy. We currently have Buy rating

on the stock.

Result Review

Glaxo Pharmaceuticals (CMP: `3,292/ TP: -/ Upside: -)

Glaxo Pharmaceuticals, posted results below expectations. For 3QFY2016, the

company posted sales of `729cr V/s `730cr expected V/s `646.2cr in last

corresponding period a yoy growth of 12.8%. On the operating front, the OPM’s

came in at 14.%1 V/s 18.0% expected V/s 17.0% during the last corresponding

period. This was mainly on back of lower than expected GPM, which came in at

53.1% V/s 56.7% expected. Thus, Adj. net profit came in at `82cr V/s `102.7cr

expected V/s `66.1cr during the last corresponding period, a yoy growth of

50.2%. Overall, we are Neutral on the stock.

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV EV/EBITDA EV/Sales

Mar

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2016E

2,870

20.0

504

59.5 34.3 54.5 16.1

44.8

9.0

FY2017E

3,158

22.1

579

68.3 33.7 47.4 16.5

37.1

8.2

Cipla (CMP: `539 / TP: `637/ Upside: 18.2%)

For 3QFY2016, the company posted lower than expected results. The sales came

in at `3,027cr V/s `3367cr expected and V/s 2625cr in 3QFY2015, a yoy growth

of 15.3%, mainly lead by exports. The domestic sales (`1,194cr) posted a dip of

0.4%, while Exports (`1833cr) posted a yoy growth of 28.5%. On the operating

front, the OPM’s are expected to come in at 12.0% V/s 19.9% expected V/s 15.7%

in 3QFY2015. The low OPM was, on back of the GPM which came in at 58.9%

V/s 63.9% expected and 62.3% in 3QFY2015. According to the Management, the

company has lost 2.5% on back of change in distribution policy and around 0.7%

impact on back of currency impact of ZAR. Last corresponding period the

company had a 2% dip in margins due to one off expenditure. The R&D

expenditure during the quarter was 8% of sales compared to 6% of sales during

the last corresponding period. Thus the Adj. net profit came in at `343cr V/s

www.angelbroking.com

Market Outlook

February 11, 2016

`400cr expected and V/s `328cr in 3QFY2015, registering a yoy growth of 4.7%.

We maintain our Buy view on the stock, with a price target of `637.

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV EV/EBITDA EV/Sales

Mar

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2016E

14,121

20.6

2,854

27.0 18.4 19.9

3.4

14.9

3.1

FY2017E

16,611

19.0

2,324

28.9 16.8 18.6

2.9

13.3

2.5

Surya Roshni (CMP: `140/ TP: `201/ Upside: 43.9%)

For 3QFY2016, Surya Roshni reported a good set of numbers. The top-line for the

quarter grew by 8.8% yoy to `770cr ahead of our estimate of `742cr. The top-line

was aided by strong performance by the lighting division which grew by 29.6% yoy

to `393cr. However, the steel division de grew by 5.5% yoy owing to sharp decline

in realizations. The EBITDA margin was flat 8.0% against 8.1% in the last year but

it was marginally lower than our estimate of 8.3%. EBITDA at `62cr was also in-

line with our estimate of `62cr. On account of higher top-line, the net profit grew

by 17.3% yoy to `17cr which also is same as our estimate. As for segmental

margins, both steel and lighting segments reported marginal declines of 41bp yoy

and 72bp yoy to 2.5% and 9.1%, respectively. The company’s lighting division is

clearly growing at a rapid pace and assisting the company in absorbing the value

decline in the steel business owing to decline in realizations. We believe that Surya

will continue to gain from its vast dealer network and increasing share of LED

lighting and lighting business in its overall top-line. We maintain our Buy

recommendation on the stock.

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV EV/EBITDA EV/Sales

Mar

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2016E

2,992

8.1

14.7

9.7

9.5

0.9

6.0

0.5

FY2017E

3,223

8.4

18.3 11.0

7.6

0.8

5.3

0.4

Economic and Political News

 Rail budget may hike passenger fares

 Grant 5-yr tax holiday to manufacturing units in SEZs: CII to Govt

 Rail budget may hike passenger fares

Corporate News

 Tata Motors global sales rise 16% in January



12 firms vie for Odisha's huge iron ore block

 ITC to invest `3,000cr in 3 projects in Bengal

www.angelbroking.com

Market Outlook

February 11, 2016

Quarterly Bloomberg Brokers Consensus Estimate

Aditya Birla Nuvo Ltd - February 11, 2016

Particulars (` cr)

3QFY16E

3QFY15

y-o-y (%)

2QFY16

q-o-q (%)

Net sales

2,355

2,352

0.1

2,523

(6.7)

EBITDA

260

344

EBITDA margin (%)

11.1

13.6

Net profit

130

112

16.1

205

(36.6)

Ashok Leyland Ltd - February 11, 2016

Particulars (` cr)

3QFY16E

3QFY15

y-o-y (%)

2QFY16

q-o-q (%)

Net sales

4,114

3,290

25.0

4,879

(15.7)

EBITDA

428

240

78.3

594

(27.9)

EBITDA margin (%)

10.4

7.3

12.2

Net profit

185

478.1

292

(36.6)

Bharat Heavy Electricals Ltd - February 11, 2016

Particulars (` cr)

3QFY16E

3QFY15

y-o-y (%)

2QFY16

q-o-q (%)

Net sales

6,279

6,078

3.3

5,835

7.6

EBITDA

294

(87.7)

(474)

(107.6)

EBITDA margin (%)

0.6

4.8

-8.1

Net profit

213

(71.3)

(205)

(129.8)

Hero MotoCorp Ltd - February 11, 2016

Particulars (` cr)

3QFY16E

3QFY15

y-o-y (%)

2QFY16

q-o-q (%)

Net sales

7,291

6,793

7.3

6,745

8.1

EBITDA

1,095

822

33.2

1,083

1.1

EBITDA margin (%)

15.0

12.1

16.1

Net profit

785

583

34.7

772

1.7

State Bank of India - February 11, 2016

Particulars (` cr)

3QFY16E

3QFY15

y-o-y (%)

2QFY16

q-o-q (%)

PAT

4,842

3,893

24.4

5,155

(6.1)

Tata Motors Ltd Consol - February 11, 2016

Particulars (` cr)

3QFY16E

3QFY15

y-o-y (%)

2QFY16

q-o-q (%)

Net sales

72,667

69,122

5.1

60,853

19.4

EBITDA

9,831

9,910

(0.8)

4,227

132.6

EBITDA margin (%)

13.5

14.3

6.9

Net profit

2,992

3,592

(16.7)

(411)

(827.9)

Union Bank of India - February 11, 2016

Particulars (` cr)

3QFY16E

3QFY15

y-o-y (%)

2QFY16

q-o-q (%)

PAT

478

302

58.1

658

(27.4)

www.angelbroking.com

Market Outlook

February 11, 2016

Top Picks

Large Cap

arket Cap

arget

Upsid

Company

Rationale

(` Cr)

(`)

(%)

To outpace battery industry growth due to better technological

Amara Raja Batteries

14,834

868

1,040

19.8

products leading to market share gains in both the automotive

OEM and replacement segments.

Earnings to grow strongly given the MHCV cyclical upturn.

Ashok Leyland

24,859

111

27.1

Focus on exports and LCV's provides additional growth

avenue.

The stock is trading at attractive valuations and is factoring all

HCL Tech

1,16,543

827

1,038

25.5

the bad news.

Strong visibility for a robust 20% earnings trajectory, coupled

HDFC Bank

2,56,108

1,014

1,262

24.5

with high quality of earnings on account of high quality retail

business and strategic focus on highly rated corporates.

Back on the growth trend, expect a long term growth of 14%

Infosys

2,54,995

1,110

1,347

21.3

to be a US$20bn in FY2020.

Well positioned to benefit from such expected gradual

recovery in the overall domestic capex cycle, given its presence

Larsen & Toubro

1,04,538

1,123

1,310

16.7

across various infrastructure segments, its execution

capabilities, and its strong balance sheet.

LICHF continues to grow its retail loan book at a healthy pace

with improvement in asset quality. We expect the company to

LIC Housing Finance

21,675

430

592

37.8

post a healthy loan book which is likely to reflect in a strong

earnings growth.

Source: Company, Angel Research

Mid Cap

arket Cap

arget

Upsid

Company

Rationale

(` Cr)

(`)

(%)

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the market

Blue Star

2,970

330

439

32.9

growth. EMPPAC division's profitability to improve once

operating environment turns around.

Change in business focus towards high-margin chronic &

Garware Wall Ropes

727

332

473

42.4

lifestyle segments and increasing penetration in Europe and

Economic recovery to have favourable impact on advertising &

circulation revenue growth. Further, the acquisition of a radio

Jagran Prakashan

5,231

160

189

18.1

business (Radio City) would also boost the company's revenue

growth.

Massive capacity expansion along with rail advantage at ICD

Navkar Corporation

2,637

185

265

43.3

as well CFS augurs well for the company

Earnings boost on back of stable material prices and

Radico Khaitan

1,418

107

156

46.3

favourable pricing environment. Valuation discount to peers

provides additional comfort

Strong brands and distribution network would boost growth

Siyaram Silk Mills

981

1,046

1,354

29.4

going ahead. Stock currently trades at an inexpensive

valuation.

Structural shift in the Lighting industry towards LED lighting will

Surya Roshni

614

140

201

43.4

drive growth.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

February 11, 2016

Key Upcoming Events

Result Calendar

Date

Company

Tata Motors, Hero Motocorp, Ashok Leyland, BHEL, BGR Energy , J & K Bank, St Bk of India, Bank of India, Union

Feb 11, 2016

Bank, Indian Bank, Oriental Bank, Coal India, Nalco, ONGC, Indraprasth Gas, Page Industries, GIPCL, Unitech,

Coffee Day Enterprises Ltd

M&M, FAG Bearings, CEAT, Canara Bank, IDBI Bank, Andhra Bank, Corporation Bank, Nestle, Sun TV Network,

Feb 12, 2016

NMDC, Bhushan Steel, Monnet Ispat, IOC, BPCL, HPCL, Cravatex, Sun Pharma, Adani Power, Anant Raj

Feb 13, 2016

Jyoti Structures, Bank of Baroda, Jindal Steel, MM Forging, HDIL, Competent Automobiles

Source: Bloomberg, Angel Research

Global economic events release calendar

Date

Time

Country

Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

Feb 11, 2016 7:00PM US

Initial Jobless claims

Thousands

Feb 6

285.00

280.00

Feb 12, 2016

India

Imports YoY%

% Change

Jan

(3.90)

India

Exports YoY%

% Change

Jan

(14.70)

5:30PM India

Industrial Production YoY

% Change

Dec

(3.20)

3:30PM Euro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

4Q A

0.30

12:30PM Germany

GDP nsa (YoY)

% Change

4Q P

1.80

1.70

Feb 15, 2016 12:00PM India

Monthly Wholesale Prices YoY%

% Change

Jan

(0.73)

(0.11)

China

Exports YoY%

% Change

Jan

(1.40)

(2.00)

Feb 16, 2016 3:00PM UK

CPI (YoY)

% Change

Jan

0.20

Feb 17, 2016 7:00PM US

Housing Starts

Thousands

Jan

1,149.00

1,175.00

7:00PM US

Building permits

Thousands

Jan

1,204.00

1,200.00

3:00PM UK

Jobless claims change

% Change

Jan

(4.30)

7:45PM US

Industrial Production

Jan

(0.36)

0.30

Producer Price Index (mom)

% Change

Jan

(0.70)

Feb 18, 2016 7:00AM China

Consumer Price Index (YoY)

% Change

Jan

1.60

1.90

Feb 19, 2016 7:00PM US

Consumer price index (mom)

% Change

Jan

(0.10)

8:30PM Euro Zone

Euro-Zone Consumer Confidence

Value

Feb A

(6.30)

Feb 22, 2016 2:00PM Germany

PMI Services

Value

Feb P

55.00

2:00PM Germany

PMI Manufacturing

Value

Feb P

52.30

Feb 23, 2016 8:30PM US

Existing home sales

Million

Jan

5.46

8:30PM US

Consumer Confidence

S.A./ 1985=100

Feb

98.10

Feb 24, 2016 8:30PM US

New home sales

Thousands

Jan

544.00

Feb 25, 2016 3:00PM UK

GDP (YoY)

% Change

4Q P

1.90

3:30PM Euro Zone

Euro-Zone CPI (YoY)

Jan F

0.40

Feb 26, 2016 7:00PM US

GDP Qoq (Annualised)

% Change

4Q S

0.70

Source: Bloomberg, Angel Research

Market Outlook

February 11, 2016

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

8.4

12.0

9.9

7.5

10.0

8.0

7.4

7.3

7.0

6.7

6.6

8.0

6.3

7.0

6.4

6.0

4.8

4.3

4.2

3.8

6.0

2.8

3.0

4.0

2.5

4.7

5.0

2.0

(3.2)

4.0

(2.0)

3.0

(4.0)

Source: CSO, Angel Research

Source: MOSPI, Angel Research

Exhibit 3: Monthly CPI inflation trends

Exhibit 4: Manufacturing and services PMI

(%)

56.0

Mfg. PMI

Services PMI

5.4

5.6

6.0

5.2

5.4

5.3

54.0

4.9

5.0

4.4

3.7

52.0

4.0

3.0

50.0

2.0

48.0

1.0

46.0

44.0

Source: MOSPI, Angel Research

Source: Market, Angel Research; Note: Level above 50 indicates expansion

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

(%)

Exports yoy growth

Imports yoy growth

(%)

Repo rate

Reverse Repo rate

CRR

0.0

8.00

7.50

(5.0)

7.00

(10.0)

6.50

(15.0)

6.00

5.50

(20.0)

5.00

(25.0)

4.50

4.00

(30.0)

3.50

(35.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

February 11, 2016

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

40,377

(3.3)

(12.0)

(15.5)

Russia

Micex

1,731

2.9

(1.3)

(1.0)

India

Nifty

7,216

(5.1)

(9.3)

(17.2)

China

Shanghai Composite

2,763

(17.8)

(23.0)

(16.4)

South Africa

Top 40

43,007

(1.1)

(10.3)

(6.3)

Mexico

Mexbol

42,536

5.6

(6.0)

(0.2)

Indonesia

LQ45

830

7.2

5.4

(9.1)

Malaysia

KLCI

1,644

(1.3)

(1.2)

(8.4)

Thailand

SET 50

822

6.8

(10.1)

(21.7)

USA

Dow Jones

15,915

(2.6)

(11.1)

(10.9)

FTSE

5,672

(3.4)

(9.9)

(16.9)

Japan

Nikkei

15,713

(11.2)

(17.8)

(10.5)

Germany

DAX

9,017

(8.2)

(17.9)

(17.4)

France

CAC

4,061

(5.8)

(17.3)

(14.6)

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

February 11, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY16E FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Agri / Agri Chemical

Rallis

Neutral

156

3,038

2,097

2,415

14.4

9.5

11.0

16.4

14.2

3.3

2.8

21.1

21.3

1.5

1.3

United Phosphorus

Buy

395

480

16,915

12,500

14,375

18.3

29.8

35.9

13.2

11.0

2.4

2.1

20.0

20.3

1.4

1.2

Auto & Auto Ancillary

Ashok Leyland

Buy

111

24,859

17,995

21,544

11.4

11.6

3.4

4.7

25.7

18.6

4.5

4.1

17.7

22.2

1.3

1.1

Bajaj Auto

Buy

2,371

2,728

68,610

23,695

27,298

21.3

20.4

134.6

151.5

17.6

15.7

5.6

4.8

31.8

30.6

2.5

2.1

Bharat Forge

Buy

784

943

18,256

7,867

8,881

20.0

20.3

34.4

41.0

22.8

19.1

4.4

3.7

21.1

20.9

2.4

2.1

Eicher Motors

Accumulate

17,910

20,044

48,633

15,556

16,747

15.5

17.3

464.8

597.5

38.5

30.0

14.1

10.4

36.2

34.3

3.1

2.8

Gabriel India

Buy

101

1,147

1,415

1,544

8.7

9.0

4.6

5.4

17.4

14.8

3.1

2.8

18.1

18.9

0.8

0.7

Hero Motocorp

Accumulate

2,547

2,774

50,869

28,561

31,559

14.7

151.1

163.2

16.9

15.6

6.5

5.6

38.7

35.6

1.6

1.4

Jamna Auto Industries Buy

132

160

1,054

1,281

1,473

11.2

11.5

7.6

9.2

17.4

14.3

4.4

3.6

25.4

25.2

0.9

0.8

L G Balakrishnan & Bros Neutral

430

675

1,254

1,394

11.6

11.8

35.9

41.7

12.0

10.3

1.6

1.4

13.5

13.8

0.6

Mahindra and Mahindra Buy

1,184

1,449

73,559

39,031

44,440

13.8

13.9

57.9

67.6

20.5

17.5

3.3

2.9

16.1

16.6

1.5

1.3

Maruti

Neutral

3,683

111,256

57,865

68,104

16.4

16.7

176.3

225.5

20.9

16.3

4.1

3.5

19.4

21.2

1.7

1.4

Minda Industries

Buy

833

1,047

1,322

2,523

2,890

8.7

9.0

55.0

65.4

15.2

12.7

2.9

2.4

19.3

18.7

0.6

0.5

Motherson Sumi

Buy

232

313

30,740

39,343

45,100

8.8

9.1

10.1

12.5

23.0

18.6

7.3

5.7

35.3

34.4

0.9

0.8

Rane Brake Lining

Buy

377

465

298

454

511

11.5

12.0

25.2

31.0

15.0

12.2

2.2

2.0

14.9

16.6

0.8

0.7

Setco Automotive

Neutral

441

594

741

12.7

13.7

1.7

3.2

19.4

10.3

2.0

1.8

10.4

16.9

1.2

1.0

Tata Motors

Buy

292

409

84,263

266,022

312,667

12.8

13.1

26.3

38.3

11.1

7.6

1.5

1.2

8.4

12.1

0.5

0.4

TVS Motor

Accumulate

286

322

13,606

11,263

13,106

6.9

8.3

9.2

14.6

31.1

19.6

7.1

5.7

22.7

29.1

1.2

1.0

Amara Raja Batteries

Buy

868

1,040

14,834

4,892

5,871

17.4

17.6

28.8

37.1

30.2

23.4

7.0

5.6

23.4

24.1

3.0

2.4

Exide Industries

Buy

127

162

10,829

6,950

7,784

14.4

14.8

6.6

7.3

19.3

17.5

2.4

2.2

12.6

12.8

1.3

1.1

Apollo Tyres

Accumulate

150

171

7,610

12,146

12,689

16.8

16.0

21.2

19.0

7.1

7.9

1.2

1.0

16.5

13.0

0.7

Ceat

Buy

949

1,119

3,837

6,041

6,597

14.1

13.7

99.5

111.9

9.5

8.5

1.9

1.6

19.6

18.5

0.8

0.7

JK Tyres

Neutral

1,952

7,446

7,669

15.2

14.0

19.6

18.4

4.4

4.7

1.1

0.9

25.2

19.5

0.7

0.6

Swaraj Engines

Accumulate

834

919

1,036

552

630

14.2

14.7

44.6

54.1

18.7

15.4

4.4

4.0

23.2

25.6

1.7

1.5

Subros

Neutral

498

1,293

1,527

11.8

11.9

4.2

6.7

19.8

12.4

1.5

1.4

7.7

11.5

0.7

0.6

Indag Rubber

Neutral

168

440

283

329

17.0

17.2

13.0

15.4

12.9

10.9

2.8

2.3

21.8

21.6

1.3

1.0

Capital Goods

ACE

Neutral

360

660

839

4.7

8.2

1.0

3.9

36.4

9.3

1.1

1.0

3.2

11.3

0.7

0.6

BEML

Neutral

1,001

4,170

3,277

4,006

6.0

8.9

29.2

64.3

34.3

15.6

1.9

1.7

5.7

11.7

1.4

1.1

Bharat Electronics

Buy

1,188

1,414

28,516

7,737

8,634

16.8

17.2

54.0

61.0

22.0

19.5

3.1

2.8

39.3

45.6

2.8

2.4

www.angelbroking.com

Stock Watch

February 11, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Capital Goods

Voltas

Buy

269

353

8,907

5,363

5,963

8.0

9.1

11.0

13.8

24.5

19.5

3.8

3.3

16.2

17.9

1.6

1.4

BGR Energy

Neutral

105

761

3,615

3,181

9.5

9.4

16.7

12.4

6.3

8.5

0.6

10.0

7.0

0.6

0.8

BHEL

Neutral

128

31,342

33,722

35,272

10.8

11.7

10.5

14.2

12.2

9.0

0.9

7.0

9.0

1.0

Blue Star

Buy

330

439

2,970

3,548

3,977

6.3

6.9

13.7

17.2

24.1

19.3

6.1

3.9

26.1

25.4

0.9

0.8

Crompton Greaves

Neutral

128

8,029

13,484

14,687

4.9

6.2

4.5

7.1

28.5

18.0

2.0

1.9

7.2

10.8

0.7

Greaves Cotton

Neutral

129

3,151

1,655

1,755

16.6

16.8

7.4

7.8

17.4

16.5

3.5

3.3

21.1

20.6

1.9

1.7

Inox Wind

Buy

257

458

5,697

4,980

5,943

17.0

17.5

26.6

31.6

9.7

8.1

2.9

2.1

35.0

30.0

1.3

1.0

KEC International

Neutral

107

2,744

8,791

9,716

6.1

6.8

5.4

8.2

19.8

13.0

2.0

1.8

10.0

14.0

0.5

Thermax

Neutral

785

9,351

6,413

7,525

7.4

8.5

30.5

39.3

25.7

20.0

4.0

3.4

15.0

17.0

1.4

1.2

Cement

ACC

Buy

1,269

1,630

23,826

13,151

14,757

16.4

18.3

63.9

83.4

19.9

15.2

2.6

2.3

13.3

16.1

1.7

1.4

Ambuja Cements

Buy

195

233

30,262

11,564

12,556

19.4

20.7

8.9

10.1

21.9

19.3

2.7

2.6

12.8

13.8

2.3

2.0

HeidelbergCement

Neutral

1,542

1,772

1,926

13.3

15.4

1.0

3.0

68.1

22.7

1.7

1.6

2.6

7.9

1.4

1.2

India Cements

Buy

112

2,393

4,216

4,840

18.0

19.5

4.0

9.9

19.5

7.9

0.8

0.7

4.0

9.5

0.9

0.7

JK Cement

Buy

448

744

3,129

3,661

4,742

10.1

15.8

18.0

61.0

24.9

7.3

1.8

1.6

7.5

22.9

1.3

1.0

J K Lakshmi Cement

Buy

269

430

3,169

2,947

3,616

16.7

19.9

11.5

27.2

23.4

9.9

2.2

1.9

9.8

20.8

1.5

1.2

Mangalam Cements

Neutral

170

455

1,053

1,347

10.5

13.3

8.4

26.0

20.3

6.6

0.9

0.8

4.3

12.5

0.8

0.6

Orient Cement

Buy

140

183

2,865

1,854

2,524

21.2

22.2

7.7

11.1

18.2

12.6

2.6

2.3

13.3

15.7

2.3

1.6

Ramco Cements

Neutral

376

8,946

4,036

4,545

20.8

21.3

15.1

18.8

24.9

20.0

3.0

2.7

12.9

14.3

2.7

2.4

Shree Cement^

Neutral

10,419

36,295

7,150

8,742

26.7

28.6

228.0

345.5

45.7

30.2

6.7

5.6

15.7

20.3

4.8

3.9

UltraTech Cement

Buy

2,806

3,282

77,000

25,021

30,023

19.1

21.6

89.0

132.0

31.5

21.3

3.7

3.2

12.2

15.9

3.1

2.6

Construction

ITNL

Neutral

2,380

7,360

8,825

34.0

35.9

7.0

9.0

10.3

8.0

0.4

0.3

3.2

3.7

3.6

KNR Constructions

Buy

480

673

1,350

937

1,470

14.3

14.0

33.5

38.6

14.3

12.4

2.2

1.9

15.4

1.5

1.0

Larsen & Toubro

Buy

1,123

1,310

104,538

58,870

65,708

8.3

10.3

42.0

53.0

26.7

21.2

1.9

1.7

8.8

11.2

2.0

1.8

Gujarat Pipavav Port

Neutral

159

7,663

629

684

51.0

52.2

6.4

5.9

24.8

26.9

3.3

3.0

15.9

12.7

11.8

10.7

MBL Infrastructures

Buy

146

285

604

2,313

2,797

12.2

14.6

19.0

20.0

7.7

7.3

0.8

0.7

11.3

10.6

1.0

0.9

Nagarjuna Const.

Neutral

3,388

7,892

8,842

8.8

9.1

3.0

5.3

20.3

11.5

1.0

0.9

5.0

8.5

0.7

0.6

PNC Infratech

Accumulate

521

558

2,674

1,873

2,288

13.2

13.5

24.0

32.0

21.7

16.3

2.1

1.9

12.1

12.3

1.5

1.3

Simplex Infra

Neutral

260

1,287

5,955

6,829

10.3

10.5

16.0

31.0

16.3

8.4

0.9

0.8

5.3

9.9

0.7

0.6

Power Mech Projects

Neutral

578

850

1,539

1,801

12.8

12.7

59.0

72.1

9.8

8.0

1.5

1.3

18.6

16.8

0.6

0.5

www.angelbroking.com

Stock Watch

February 11, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Construction

Sadbhav Engineering

Neutral

284

4,866

3,481

4,219

10.7

10.8

8.0

12.0

35.5

23.6

3.3

2.9

10.3

13.5

1.7

1.4

NBCC

Buy

890

1,089

10,679

7,382

9,506

7.7

8.6

39.8

54.4

22.4

16.4

5.4

4.3

26.7

29.1

1.2

0.9

MEP Infra

Neutral

656

1,956

1,876

28.1

30.5

1.3

3.0

31.0

13.5

6.5

4.4

21.2

32.8

1.8

1.7

SIPL

Neutral

2,837

675

1,042

62.4

64.7

3.0

3.4

15.9

10.7

Financials

Allahabad Bank

Neutral

2,769

8,569

9,392

2.8

2.9

16.3

27.5

2.8

1.7

0.3

0.2

7.6

11.9

Axis Bank

Buy

393

494

93,579

26,473

31,527

3.5

3.6

35.7

43.5

11.0

9.0

1.9

1.6

17.9

18.9

Bank of Baroda

Neutral

117

27,062

18,485

21,025

1.9

2.0

13.5

21.1

8.7

5.6

0.7

0.6

7.3

10.6

Bank of India

Neutral

7,356

15,972

17,271

1.9

2.0

15.3

33.4

5.9

2.7

0.3

0.2

3.6

7.6

Canara Bank

Neutral

183

9,950

15,441

16,945

2.0

2.1

46.6

70.4

3.9

2.6

0.4

0.3

8.0

11.2

Dena Bank

Neutral

1,865

3,440

3,840

2.1

2.3

7.3

10.0

4.0

2.9

0.3

6.1

7.9

Federal Bank

Neutral

7,773

3,477

3,999

3.0

5.0

6.2

9.0

7.3

0.9

0.8

10.6

11.9

HDFC

Neutral

1,117

176,312

10,358

11,852

3.3

41.1

47.0

27.2

23.7

5.2

4.7

24.7

24.9

HDFC Bank

Buy

1,014

1,262

256,108

38,309

47,302

4.3

49.3

61.1

20.6

16.6

3.6

3.1

18.5

19.7

ICICI Bank

Buy

207

254

120,409

34,279

39,262

3.3

21.0

24.4

9.9

8.5

1.7

1.4

14.4

14.7

IDBI Bank

Neutral

10,213

9,625

10,455

1.8

8.5

14.2

6.3

3.8

0.4

5.9

9.3

Indian Bank

Neutral

4,090

6,160

6,858

2.5

24.5

29.8

3.5

2.9

0.3

0.2

7.7

8.6

LIC Housing Finance

Buy

430

592

21,675

3,101

3,745

2.5

33.0

40.2

13.0

10.7

2.4

2.1

19.7

20.5

Oriental Bank

Neutral

2,873

7,643

8,373

2.4

37.2

45.4

2.6

2.1

0.2

8.2

9.4

Punjab Natl.Bank

Neutral

15,699

23,638

26,557

2.8

17.9

27.2

4.5

2.9

0.5

0.4

8.5

12.0

South Ind.Bank

Neutral

2,437

1,965

2,185

2.5

3.3

7.2

5.5

0.7

9.5

11.7

St Bk of India

Buy

159

202

123,389

82,520

93,299

2.7

2.8

20.0

24.5

7.9

6.5

0.9

0.8

11.5

12.8

Union Bank

Neutral

123

8,442

12,646

14,129

2.3

2.4

31.0

39.1

4.0

3.1

0.4

9.8

11.4

Vijaya Bank

Neutral

2,663

3,536

3,827

1.9

5.5

6.7

5.6

4.7

0.5

0.4

7.8

8.8

Yes Bank

Neutral

734

30,834

7,190

9,011

3.2

3.3

58.2

69.7

12.6

10.5

2.3

1.9

19.2

19.6

FMCG

Asian Paints

Neutral

877

84,117

16,553

19,160

16.0

16.2

17.7

21.5

49.6

40.8

13.2

11.9

29.4

31.2

4.9

4.2

Britannia

Neutral

2,723

32,669

8,065

9,395

9.6

10.2

47.2

65.5

57.7

41.6

19.2

18.1

38.3

41.2

3.9

3.3

Colgate

Neutral

843

22,919

4,836

5,490

19.5

19.7

48.5

53.2

17.4

15.8

12.7

11.1

99.8

97.5

4.6

4.1

Dabur India

Accumulate

242

267

42,642

9,370

10,265

17.1

17.2

7.3

8.1

33.1

29.9

10.0

8.1

33.7

30.6

4.5

4.1

GlaxoSmith Con*

Accumulate

5,817

6,118

24,462

4,919

5,742

17.2

17.4

168.3

191.2

34.6

30.4

9.8

8.4

28.8

28.9

4.5

3.8

www.angelbroking.com

Stock Watch

February 11, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY16E FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FMCG

Godrej Consumer

Neutral

1,215

41,365

10,168

12,886

16.1

32.1

38.4

37.9

31.6

7.7

7.1

19.7

21.0

4.2

3.3

HUL

Neutral

825

178,454

34,940

38,957

17.5

17.7

20.8

24.7

39.7

33.4

44.1

35.2

110.5

114.2

4.9

4.4

ITC

Buy

309

359

248,262

41,068

45,068

37.8

37.4

13.9

15.9

22.2

19.4

7.4

6.5

34.1

33.8

5.7

5.1

Marico

Neutral

229

29,506

6,551

7,766

15.7

16.0

10.4

12.5

22.0

18.3

6.4

5.3

33.2

32.4

4.4

3.7

Nestle*

Buy

5,293

6,646

51,032

11,291

12,847

22.2

22.3

158.9

184.6

33.3

28.7

17.4

15.7

55.0

57.3

4.4

3.8

Tata Global

Buy

118

144

7,469

8,635

9,072

9.8

9.9

6.5

7.6

18.2

15.6

1.8

1.7

6.8

7.4

0.8

HCL Tech^

Buy

827

1,038

116,543

42,038

47,503

21.2

21.5

51.5

57.7

16.1

14.3

3.5

2.7

21.5

18.8

2.4

1.9

Infosys

Buy

1,110

1,347

254,995

61,850

69,981

27.5

59.4

65.7

18.7

16.9

4.0

3.4

21.2

20.1

3.4

2.9

TCS

Buy

2,270

2,854

447,297

108,487

122,590

28.3

28.5

122.8

138.4

18.5

16.4

7.0

6.4

38.0

38.9

3.7

3.2

Tech Mahindra

Buy

440

646

42,548

25,566

28,890

16.0

17.0

26.3

31.9

16.7

13.8

3.0

2.6

17.9

18.6

1.4

1.2

Wipro

Buy

532

680

131,504

50,808

56,189

23.7

23.8

37.3

40.7

14.3

13.1

2.7

2.5

19.2

17.7

2.1

1.7

Media

D B Corp

Accumulate

321

356

5,888

2,241

2,495

27.8

27.9

21.8

25.6

14.7

12.5

3.8

3.4

26.7

28.5

2.6

2.3

HT Media

Neutral

1,769

2,495

2,603

11.2

7.3

8.6

10.4

8.8

0.8

0.7

7.4

8.1

0.2

Jagran Prakashan

Buy

160

189

5,231

2,170

2,355

27.2

26.2

8.9

9.9

18.0

16.2

3.8

3.3

20.9

20.5

2.3

2.1

Sun TV Network

Neutral

342

13,466

2,779

3,196

70.2

70.5

22.8

27.3

15.0

12.5

3.7

3.3

26.7

28.3

4.6

4.0

Hindustan Media

Neutral

265

1,945

920

1,031

20.0

19.2

20.9

13.8

12.7

2.3

1.9

16.4

15.3

1.7

1.5

Ventures

Metals & Mining

Coal India

Buy

314

380

198,365

76,167

84,130

19.9

22.3

22.4

25.8

14.0

12.2

5.1

4.9

35.5

41.0

1.9

1.7

Hind. Zinc

Accumulate

162

175

68,471

14,641

14,026

50.4

17.7

16.0

9.2

10.1

1.4

1.3

16.2

13.2

2.3

2.1

Hindalco

Neutral

13,835

104,356

111,186

8.7

9.5

6.7

11.1

10.0

6.1

0.4

0.3

3.5

5.9

0.7

0.6

JSW Steel

Neutral

1,024

24,763

42,308

45,147

16.4

20.7

(10.3)

49.5

20.7

1.1

(1.0)

5.6

1.6

1.5

NMDC

Neutral

33,284

8,237

10,893

46.6

44.5

10.0

11.7

8.4

7.2

0.9

0.8

12.5

13.0

3.8

2.9

SAIL

Neutral

15,632

45,915

53,954

7.2

10.5

1.5

4.4

25.1

8.7

0.4

2.3

4.1

1.0

0.9

Vedanta

Neutral

19,938

71,445

81,910

26.2

26.3

12.9

19.2

5.2

3.5

0.4

0.3

7.2

8.9

0.7

0.5

Tata Steel

Neutral

236

22,887

126,760

137,307

8.9

11.3

6.4

23.1

37.0

10.2

0.7

2.0

7.1

0.8

0.7

Oil & Gas

Cairn India

Neutral

118

22,077

11,323

12,490

49.4

51.0

20.7

5.7

0.4

6.4

6.1

1.0

0.4

GAIL

Neutral

346

43,839

64,856

70,933

9.1

9.6

24.0

28.9

14.4

12.0

1.2

8.8

9.6

0.9

0.8

ONGC

Neutral

214

183,087

154,564

167,321

36.8

37.4

28.6

32.5

7.5

6.6

1.0

0.9

12.7

13.5

1.4

1.3

Petronet LNG

Neutral

251

18,848

29,691

31,188

5.8

6.2

12.8

13.4

19.7

18.7

2.9

2.6

15.8

14.8

0.7

Indian Oil Corp

Buy

384

455

93,246

359,607

402,760

5.9

6.1

42.5

48.7

9.1

7.9

1.2

1.1

14.1

14.4

0.4

0.3

www.angelbroking.com

Stock Watch

February 11, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY16E FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Oil & Gas

Reliance Industries

Buy

962

1,150

311,760

304,775

344,392

12.6

13.4

91.3

102.6

10.6

9.4

1.2

1.1

11.8

12.0

0.9

0.8

Pharmaceuticals

Alembic Pharma

Neutral

595

11,219

3,274

3,802

26.9

19.4

35.0

28.7

17.0

20.7

7.5

5.7

55.6

31.2

3.4

2.9

Aurobindo Pharma

Buy

692

856

40,455

14,923

17,162

22.0

23.0

35.7

42.8

19.4

16.2

5.7

4.3

34.0

30.2

3.1

2.6

Aventis*

Neutral

4,184

9,635

2,082

2,371

17.4

20.8

118.2

151.5

35.4

27.6

5.2

4.2

19.9

25.5

4.3

3.6

Cadila Healthcare

Accumulate

326

352

33,400

10,224

11,840

21.0

22.0

14.6

17.6

22.4

18.5

6.1

4.8

30.8

29.0

3.3

2.8

Cipla

Buy

539

636

43,287

14,211

16,611

20.6

19.0

27.0

28.9

20.0

18.7

3.4

2.9

18.4

16.8

3.0

2.5

Dr Reddy's

Buy

2,887

3,933

49,231

16,838

19,575

25.0

23.1

167.5

178.8

17.2

16.2

3.6

3.0

23.1

20.4

2.9

2.4

Dishman Pharma

Neutral

327

2,638

1,733

1,906

21.5

17.0

19.9

19.2

16.4

1.9

1.7

10.5

11.2

2.0

1.7

GSK Pharma*

Neutral

3,239

27,435

2,870

3,158

20.0

22.1

59.5

68.3

54.4

47.4

16.1

16.5

28.5

34.3

9.1

8.3

Indoco Remedies

Neutral

296

2,731

1,033

1,199

15.9

18.2

9.4

13.6

31.5

21.8

4.7

4.0

15.7

19.7

2.7

2.4

Ipca labs

Buy

620

900

7,826

3,363

3,909

12.9

18.6

13.4

28.0

46.3

22.2

3.3

2.9

7.4

14.0

2.6

2.2

Lupin

Neutral

1,863

83,925

13,092

16,561

25.0

27.0

50.4

68.3

37.0

27.3

7.6

6.0

22.8

24.7

6.1

4.7

Sun Pharma

Accumulate

857

950

206,150

28,163

32,610

25.8

30.7

17.4

26.9

49.2

31.8

4.7

4.0

13.0

16.6

6.8

5.7

Power

Tata Power

Neutral

16,011

35,923

37,402

22.6

22.8

4.1

5.2

14.6

11.5

1.1

1.0

7.5

9.3

1.4

1.3

NTPC

Buy

125

157

102,945

87,064

98,846

23.5

11.7

13.2

10.7

9.5

1.2

1.1

11.4

12.1

2.2

2.0

Power Grid

Buy

144

170

75,152

20,702

23,361

86.7

86.4

12.1

13.2

11.9

10.9

1.8

1.6

15.6

15.1

8.6

8.0

Telecom

Bharti Airtel

Neutral

311

124,239

101,748

109,191

32.1

31.7

12.0

12.5

25.9

24.9

1.8

1.7

6.9

6.7

1.9

1.7

Idea Cellular

Neutral

100

36,040

34,282

36,941

32.0

31.5

5.9

6.2

17.0

16.2

1.6

1.4

9.9

9.3

1.6

1.5

zOthers

Abbott India

Neutral

4,821

10,245

2,715

3,153

14.5

14.1

134.3

152.2

35.9

31.7

9.0

7.4

27.4

25.6

3.5

2.9

Bajaj Electricals

Buy

178

290

1,801

4,719

5,287

5.2

5.8

8.6

12.7

20.9

14.1

2.4

2.1

11.4

14.8

0.4

0.3

Finolex Cables

Neutral

222

3,398

2,520

2,883

12.2

12.0

12.7

14.2

17.5

15.7

2.4

2.1

13.6

13.5

1.1

0.9

Goodyear India*

Buy

482

582

1,112

1,800

1,600

11.7

11.5

58.7

52.9

8.2

9.1

1.8

1.6

24.6

18.7

0.4

Hitachi

Neutral

1,154

3,138

1,779

2,081

7.8

8.8

21.8

33.4

52.9

34.5

8.6

6.9

17.4

22.1

1.8

1.5

Jyothy Laboratories

Neutral

280

5,076

1,620

1,847

11.5

7.3

8.5

38.4

33.1

5.0

4.6

13.3

14.4

3.0

2.6

MRF

Buy

33,811

45,575

14,340

20,316

14,488

21.4

21.1

5,488.0

3,798.0

6.2

8.9

2.1

1.7

41.1

21.2

0.7

0.9

Page Industries

Neutral

11,585

12,921

1,929

2,450

19.8

20.1

229.9

299.0

50.4

38.8

22.2

15.5

52.1

47.1

6.7

5.3

Relaxo Footwears

Neutral

417

5,006

1,767

2,152

12.3

12.5

19.3

25.1

21.7

16.6

5.3

4.1

27.7

27.8

2.9

2.3

Siyaram Silk Mills

Buy

1,046

1,354

981

1,636

1,815

11.5

89.9

104.1

11.6

10.1

1.9

1.7

17.9

17.8

0.8

0.7

Styrolution ABS India*

Buy

553

698

972

1,271

1,440

8.6

9.2

32.0

41.1

17.3

13.5

1.8

1.6

10.7

12.4

0.7

0.6

www.angelbroking.com

Stock Watch

February 11, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

zOthers

TVS Srichakra

Buy

2,433

3,217

1,863

2,035

2,252

15.9

15.3

248.6

268.1

9.8

9.1

4.3

3.1

43.6

33.9

1.0

0.8

HSIL

Accumulate

270

302

1,949

2,123

2,384

16.1

16.5

15.0

18.9

17.9

14.3

1.4

1.3

8.0

9.4

1.3

1.1

Kirloskar Engines India

Neutral

214

3,090

2,403

2,554

8.6

9.9

9.2

10.5

23.3

20.4

2.2

2.1

9.7

10.7

0.9

Ltd

M M Forgings

Buy

428

614

516

511

615

21.7

21.6

43.1

55.8

9.9

7.7

1.8

1.5

19.9

21.2

1.2

0.9

Banco Products (India) Neutral

106

759

1,208

1,353

11.0

12.3

10.8

14.5

9.9

7.3

1.1

1.0

11.9

14.5

0.6

0.5

Competent Automobiles Neutral

134

1,040

1,137

3.2

3.1

25.7

28.0

5.2

4.8

0.8

0.7

15.0

14.3

0.1

Nilkamal

Neutral

1,139

1,699

1,871

2,031

10.7

10.5

63.2

69.8

18.0

16.3

2.9

2.5

17.6

16.6

1.0

0.8

Visaka Industries

Buy

144

157

1,086

1,197

9.9

10.3

21.5

28.8

4.6

3.4

0.4

9.6

11.6

0.4

0.3

Transport Corporation of

Neutral

232

1,766

2,830

3,350

8.8

9.0

14.4

18.3

16.2

12.7

2.5

2.2

15.4

17.1

0.7

India

Elecon Engineering

Neutral

596

1,359

1,482

10.3

13.7

0.8

3.9

68.2

14.1

1.1

1.6

7.8

0.8

0.7

Surya Roshni

Buy

140

201

614

2,992

3,223

8.1

8.4

14.7

18.3

9.5

7.6

0.9

0.8

9.7

11.0

0.5

0.4

MT Educare

Neutral

154

614

286

366

18.3

17.7

7.7

9.4

20.0

16.5

4.2

3.7

20.2

21.1

2.0

1.6

Radico Khaitan

Buy

107

156

1,418

1,517

1,635

12.7

13.4

5.8

7.1

18.3

15.0

1.6

1.4

8.6

9.6

1.4

1.3

Garware Wall Ropes

Buy

332

473

727

862

974

11.2

24.9

29.6

13.4

11.2

2.0

1.7

15.1

15.4

0.8

0.7

Wonderla Holidays

Neutral

367

2,076

206

308

44.0

43.6

9.0

12.9

40.8

28.5

5.6

5.1

13.7

17.8

10.0

6.6

Linc Pen & Plastics

Neutral

186

274

340

371

8.3

8.9

10.8

13.2

17.2

14.1

2.8

2.4

16.0

17.1

0.8

The Byke Hospitality

Neutral

155

622

222

287

20.5

5.6

7.6

27.5

20.5

5.2

4.3

18.9

20.8

2.8

2.2

Interglobe Aviation

Neutral

771

27,800

17,022

21,122

20.7

14.5

63.9

53.7

12.1

14.4

18.1

14.8

149.9

103.2

1.7

1.3

Coffee Day Enterprises

Neutral

243

4,996

2,692

2,964

17.0

18.6

4.7

51.2

3.0

2.8

0.2

5.5

2.3

2.1

Ltd

Navneet Education

Neutral

1,974

998

1,062

24.1

24.0

5.8

6.1

14.4

13.6

3.2

2.8

22.0

20.6

2.1

1.9

Navkar Corporation

Buy

185

265

2,637

365

436

38.3

37.5

5.6

5.9

32.8

31.5

2.1

1.9

6.3

6.1

8.0

6.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on February 10, 2016

www.angelbroking.com

Market Outlook

February 11, 2016

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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